{"id":5464,"date":"2013-07-02T00:00:00","date_gmt":"2013-07-02T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/07\/sonoma_county_files_securities"},"modified":"2022-05-04T14:04:26","modified_gmt":"2022-05-04T19:04:26","slug":"sonoma-county-files-securities","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sonoma-county-files-securities\/","title":{"rendered":"Sonoma County Files Securities Lawsuit Over Libor Banking Debacle"},"content":{"rendered":"

Sonoma County, CA is suing Citigroup (C)<\/a>, JPMorgan (JPM)<\/a>, Bank of America (BAC)<\/a>, UBS (UBS)<\/a>, Barclays (BCS), and a number of other former and current LIBOR members over the infamous international-rate fixing scandal that it claims caused it to suffer substantial financial losses. The County\u2019s securities lawsuit contends that the defendants made billions of dollars when they understated and overstated borrowing costs and artificially established interest rates.<\/p>\n

Sonoma County is one of the latest municipalities in California to sue over what it claims was rate manipulation that led to lower interest payments on investments linked to the London Interbank Offered Rate. Also seeking financial recovery over the LIBOR banking scandal are the Regents of the University of California, San Mateo County, San Diego Association of Governments, East Bay Municipal Utility District, City of Richmond, City of Riverside, San Diego County, and others.<\/p>\n

The County of Sonoma is alleging several causes of action, including unjust enrichment, fraud, and antitrust law violations involving transactions that occurred between 2007 and 2010, a timeframe during which Barclays already admitted to engaging in interest manipulation. The county invested $96 million in Libor-type investments in 2007 and $61 million in 2008. Jonathan Kadlec, the Assistant Treasurer at Sonoma County, says that an investigation is ongoing to determine how much of a financial hit was sustained. Kadlec supervises an investment pool that is valued at about $1.5 billion for the county. He said that LIBOR-type investments, which involve floating securities with interests that are index-based, make up a small portion of the pool.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Sonoma County, CA is suing Citigroup (C), JPMorgan (JPM), Bank of America (BAC), UBS (UBS), Barclays (BCS), and a number of other former and current LIBOR members over the infamous international-rate fixing scandal that it claims caused it to suffer substantial financial losses. The County\u2019s securities lawsuit contends that the defendants made billions of dollars […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3756,3820,3752,3958,4027,3755],"tags":[],"class_list":["post-5464","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-barclays-capital","category-citigroup","category-financial-firms","category-jp-morgan-chase","category-libor-scandal","category-ubs"],"yoast_head":"\nSonoma County Files Securities Lawsuit Over Libor Banking Debacle — Investor Lawyers Blog — July 2, 2013<\/title>\n<meta name=\"description\" content=\"Sonoma County, CA is suing Citigroup (C), JPMorgan (JPM), Bank of America (BAC), UBS (UBS), Barclays (BCS), and a number of other former and current LIBOR — July 2, 2013\" \/>\n<meta name=\"robots\" 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